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Forward Water Technologies Corp. Closes Private Placement of Convertible Debentures
Not for distribution to U.S. news wire services or for dissemination in the United States. T...
About this update from Forward Water Technologies Corp
[{"type":"text","content":"Forward Water Technologies Corp. Closes Private Placement of Convertible DebenturesNot for distribution to U.S. news wire services or for dissemination in the United States. TORONTO, ON / ACCESSWIRE / August 21, 2024 / Forward Water Technologies Corp. (\" FWTC \") (TSXV:FWTC) is pleased to announce that it has closed an issuance of $200,000 principal amount of unsecured convertible debentures. The debentures bear interest at a rate of 10% per annum and the principal amount is automatically convert into units (\"Units\") at a conversion price of $0.1126 (assuming completion of the proposed 10 for 1 consolidation of FWTC common shares (the \"Consolidation\")) on completion of the proposed business combination with Fraser Mackenzie Accelerator Corp. (\"FMAC\") (see press releases dated May 14, 2024 and July 22, 2024 announcing the proposed transaction). Each Unit will be comprised of one common share of FWTC and one common share purchase warrant (\"Warrant\") entitling the holder to purchase one common share of FWTC (a \"Warrant Share\") at a post-Consolidation exercise price of $0.1579 at any time prior to August 19, 2027. All interest will be paid in cash onlyIn connection with the transaction a finder was paid an 8% finders fee and was issued 142,096 finder warrants that entitle the finder to acquire one common share of FWTC and one half of one Warrant (with the same terms as the Warrants described above) at a price of $0.1126 at any time on or before August 19, 2026.All securities issued pursuant to the financing are subject to a hold period of four months and one day expiring on August 19, 2026.About Forward Water Technologies Corp.Forward Water Technologies Corp. (TSX.V: FWTC) is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, DLE, mining, agriculture and ultimately municipal water supply and re-use market sectors.FWTC has immediat...